Sirius continues progress at York Potash Project

Potash development group Sirius Minerals has said it is encouraged by the latest results from its drilling programme at the York Potash Project.

Hole SM7 returned data that indicates 85.3m at 88.4% polyhalite, while the first deflection from SM7, known as SM7A, is estimated at 58.7m at 92.4% polyhalite.

A second deflection, SM7B, was wireline logged, but not cored, meaning it is not possible to obtain indication of the true seam thicknesses of the polyhalite that was intersected at 1,450m true vertical depth.

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In a statement the firm said: "The company believes that the resource definition drilling phase of the York Potash Project is now nearing conclusion. Drilling has commenced at SM9 and is currently at a depth of 126m below surface.

"Subject to this borehole (and its planned deflections) achieving a successful coring of the polyhalite deposit, the company and its consultants believe that the combination of the results of the completed boreholes, the legacy boreholes, new 2D seismic and legacy seismic data should be sufficient for an updated resource statement to underpin the financing and development of the mine. Further drilling will be dependent on the results of SM9."

NR